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The Week in Review: Henan Taloph Pharma Raises $63 Million
Henan Taloph Pharma (SHA: 600222) will raise $63.4 million by issuing 84 million new shares in a private placement (see story). The company will use the new cash for various capex projects, including production facilities, an R&D center, a growing facility for TCM ingredients and an expansion of its marketing effort. The company said the new facilities will result in an improved mix of products.
Trials and Approvals
PhytoCeutica, a Connecticut pharma startup sponsored by Yale University, plans to move its lead drug, PHY906, forward in US clinical trials as an adjuvant to chemotherapy (see story). PHY906 is an ancient TCM known as Huang Qin Tang, used for the past 18 centuries as a treatment for diarrhea, nausea and vomiting. Yung-Chi Cheng, PhD, a distinguished pharmacologist at Yale University, discovered that the TCM may treat the side-effects of chemotherapy.
Zhejiang Hisun Pharmaceutical (SHA: 600267), a China company with numerous cross-border relationships, has successfully filed an Investigational New Drug application with the FDA in the US. The company hopes to begin clinical trials of an innovative cholesterol-lowering statin (see story). Frontage Labs, a, CRO with operations in China and the US, completed the work on behalf of Hisun. Earlier this year, Hisun announced a $545 million generic drug JV with Pfizer (NYSE: PFE).
Agenix (ASX: AGX), an Australian biopharma, plans to file an application in Q3 with the SFDA to begin China clinical trials of its lead drug (see story). AGX-1009 is a treatment for hepatitis B. Agenix bought the rights to the drug from the Institute of Medicinal Biotechnology at the Chinese Academy of Medical Sciences in 2010. The company expects the trials themselves will get underway in 2013.Disclosure: none.